Arbitrum Token Dynamics: Top 20 Holders Account for 59.51% of 5.95 Billion ARB Tokens
In Brief
Arbitrum will release 1.11 billion ARB tokens within the next four days, representing 76.62% of the total circulating supply.
Layer 2 blockchain Arbitrum (ARB) will release 1.11 billion ARB tokens, valued at $2.26 billion, representing 76.62% of the total circulating supply, within the next four days. This includes the unlocking of 673.5 million ARB, valued at $1.37 billion, designated for the team, future team members, and advisors, along with 438.25 million ARB, valued at $894.03 million, for investors.
According to the blockchain analytics platform Lookonchain, currently, the top 20 holders of ARB collectively possess 5.95 billion ARB, constituting 59.51% of the total supply, which is equivalent to $11.78 billion.
Moreover, within the last seven days, two large holders acquired ARB tokens. An address starting with 0x4009 withdrew 2.3 million ARB, amounting to $4.57 million, from the cryptocurrency exchange Binance. Additionally, another address starting with 0x1219 spent 505 of Ethereum (ETH), totalling $1.96 million at an average price of $2.17, to acquire 901,685 ARB three days ago.
Meanwhile, six major holders sold ARB tokens over the last week. Synapse liquidated 1.03 million ARB for 2.13 million USDC yesterday at an average price of $2.07, and dForce transferred 2.45 million ARB, equivalent to $5.1 million, to Binance.
The total supply of ARB is 10 billion, with allocations of 3.528 billion ARB or 35.28% for the treasury, 2.694 billion or 26.94% for team, future team, and advisors, 1.753 billion ARB or 17.53% for investors, 1.162 billion ARB or 11.62% for users allocated through airdrop, 750 million ARB or 7.5% for the foundation, and 113 million ARB or 1.13% for decentralized autonomous organizations (DAOs) allocated through airdrop.
Behind the ARB Token
Developed by blockchain startup Offchain Labs, Arbitrum serves as a Layer 2 scaling solution for the Ethereum blockchain, enabling fast smart contract transactions with reduced transaction costs. The native ERC-20 compatible governance token for the Arbitrum blockchain ARB can be utilized for value transfers on the Arbitrum blockchain and participation in key decisions regarding protocol operations, fund allocation, ecosystem investments, and technical adjustments.
Offchain Labs raised $3.7 million in a Seed round of funding in 2019, led by Pantera Capital. Subsequently, in 2021, the company raised another $20 million in a Series A funding round, swiftly followed by a $100 million fundraising in a Series B round led by Lightspeed Venture Partners, coinciding with the launch of the Arbitrum mainnet.
Ahead of the release of the new portion of ARB tokens, significant movements and analytics provide a comprehensive overview of Arbitrum’s governance token current landscape.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
